In a previous conversation about Opportunity Zones we had with Howard W. Buffett, professor at Columbia University and president of Global Impact, he said that from a “moral perspective, tracking impact is the right thing to do because of the potential benefits to project management that may further improve community conditions. But, there are also clear business incentives to take impact measurement and management seriously at the project level, at the fund level, and even at the investor portfolio level.”

Howard shared more of his thoughts about community engagement in Opportunity Zones with our EVP Reid Thomas during the JTC Americas, Formerly NES Financial,  Opportunity Zones webinar on February 12th in the clip below.

Also, don’t missed out on our Q&A with Howard about the importance of social impact reporting as a requirement.

“Engaging the community in impact assessment and…the design of your impact measurement process is really important,” said Howard. “If you think back to the five dimensions of impact that I talked about—which included the quality of impact being delivered —we argue that you should literally work with the community and customize what that scoresheet within this overall framework will look like.”

“And so when you go out and actually survey community members and engage them and ask them what particular metrics they would want to have evaluated in the quality impact delivery or how they would assign weighting to those metrics, that is really important,” shared Howard. “We walk through how critical it is to have various stakeholders of all kinds involved in the conversation around how the impact will be assessed.”

Howard expanded his opinion by adding: “Obviously I am sure everyone knows that you can’t manage what you can’t measure and what you don’t measure and report out on, you are not going to be driving resources to and you are not going to be paying very close attention to. So, all of those elements are really important.”

To hear more of what Howard had to share during our Opportunity Zones webinar – watch the recording today!